Voluntary Retirement Plans
NMSU offers 403(b) and 457(b) voluntary retirement savings plans that allow employees to save additional money for retirement through payroll deduction. These plans are separate from the New Mexico Educational Retirement Board (NMERB) Defined Benefit Plan and the New Mexico Alternative Retirement Plan (ARP).
Employees may contribute on a pre-tax basis and, where available, on a Roth (after-tax) basis. Contributions are made by employees only; the university does not contribute to these plans. The minimum contribution is $7.50 per paycheck. Maximum contribution amounts are determined by annual IRS limits and may vary based on an employee's age and eligibility for catch-up contributions.
The 403(b) and 457(b) plans are separate retirement plans with separate IRS contribution limits. Eligible employees may participate in one or both plans to help meet their retirement savings goals.
Contributions are invested according to the investment options selected by the participant and are subject to investment gains, losses, and applicable fees and expenses. Investment performance is not guaranteed.
Eligibility
Who Can Participate?
All employees, including:
- Regular and Term-appointment faculty and staff
- Temporary employees
- Graduate assistants
- Student employees
Enrollment and Changes
How to Enroll
- Select and open an account with an approved retirement vendor
- Complete a Salary Reduction Form
- Submit the form to Benefit Services using the ticketing system
2026 Contribution Limits
Contribution Type |
2026 Limit |
| 403(b) Annual Limit | $24,500 |
| 457(b) Annual Limit | $24,500 |
| Age 50+ Catch-Up | Additional $8,000 |
| Age 60-63 Catch Up | Additional $11,250 |
The 403(b) and 457(b) plans are separate plans with separate IRS contribution limits. Eligible employees may be able to contribute up to the maximum annual limit to each plan.
Important 2026 SECURE 2.0 Update
Beginning January 1, 2026, employees whose prior-year FICA wages from NMSU exceeded $150,000 must make any age-based catch-up contributions as Roth (after-tax) contributions.
Roth payroll deductions are currently available through:
- Fidelity
- TIAA
Employees using other retirement vendors may need to establish a Roth account with Fidelity or TIAA to make catch-up contributions.
Plan Documents and Forms
403(b) Salary Reduction Agreement Form
403(b) Plan Document and Adoption Agreement
457(b) Salary Reduction Agreement Form
457(b) Plan Document and Adoption Agreement
Vendor Options
| Vendor | 403(b) | 457(b) | ARP 401(a) | Roth Available Through Payroll | Accepting new enrollments |
| TIAA | Yes | Yes | Yes | Yes | Yes |
| Fidelity | Yes | No | Yes | Yes | Yes |
| Corebridge | Yes | Yes | No | No | Yes |
| Voya | Yes | Yes | No | No | Yes |
| Ameriprise | Yes | No | No | No | Yes |
| American General Life | Yes | Yes | No | No | Yes |
| Aspire Financial Services | Yes | No | No | No | Yes |
| AXA Equitable Life | Yes | No | No | No | Yes |
| Commonwealth Annuity | Yes | No | No | No | Yes |
| Horace Mann | Yes | No | No | No | Yes |
| Waddell and Reed | Yes | No | No | No | Yes |
Withdrawals and Distributions
To request a distribution or withdrawal from your 403(b) or 457(b) account, contact your retirement vendor for the appropriate forms and information regarding available distribution options.
NMSU requires notarized spousal consent for all distributions and withdrawals. After completing the vendor forms and obtaining any required notarized signatures, submit the forms to NMSU Benefit Services for the Plan Administrator’s review and signature.
Eligibility for withdrawals and distributions is subject to IRS regulations and plan provisions. Depending on the type of withdrawal requested, additional taxes, penalties, or restrictions may apply. Consult with your tax advisor and retirement vendor before requesting a distribution.
Financial Education Resources
Decision Partners
New Mexico State University has teamed up with Decision Partners to enhance personal financial literacy knowledge of Aggies through an online financial education platform. The platform offers engaging resources that Aggies can use, such as modules, articles, videos, and calculators that will lead to a solid financial foundation. The financial literacy resources are designed for students regardless of major or year at New Mexico State University. The topics covered include budgeting, financial basics, saving and investing, scholarships and financial aid, career development, identify theft and managing credit or debt.
Visit https://ssc.nmsu.edu/programs/ecmc-project-success.html.
For additional information, contact the Student Success Center at 646-3136.
Vendor Presentations
Voya - Get Back on Track
Valic/Corebridge - Retirement Plan at Work | Retirement Income Strategies
Frequently Asked Questions
Can I contribute to both 403(b) and 457(b) plans?
Yes. These are separate plans with separate IRS contribution limits.
Can I change my contribution amount?
Yes. Submit a new Salary Reduction Form. The change can take effect as early as the following pay period.
Can I stop contributions?
Yes. Submit a revised Salary Reduction Form.
Can I have more than one vendor?
Yes, subject to vendor and plan requirements.
Which vendors offer Roth contributions through NMSU payroll?
Currently TIAA and Fidelity.
How do I access the money in my account?
Contact your investment provider for details. Notarized spousal consent is required for all withdrawals and distributions. After obtaining appropriate forms and signatures, forward the forms to Benefit Services for Plan Administrator signature. Our office will sign and forward the form to the investment provider.
NMSU Policy Reference: ARP 8.16 – Tax Sheltered Annuities
ARP 8.13 - Deferred Compensation (457 Program)